PEPLIN APPOINTS TOM WIGGANS CEO; NEW CMO; RAISES $24m
August 21st 2008 06:33
Tuesday August 19, 2008
Daily news on ASX-listed biotechnology companies
* ASX, BIOTECHS DOWN: BIONOMICS UP 8%, SUNSHINE HEART DOWN 39%
* PEPLIN APPOINTS TOM WIGGANS CEO; NEW CMO; RAISES $24m
* USCOM INCREASES TRANSPLANTATION ORGANS BY 15%
* PHARMAUST’S EPICHEM WINS $3m CHAGAS DISEASE CONTRACT
* FIRST LIGHT IN THREE MORE SYNCHROTRON BEAMLINES
* APOLLO DIRECTORS QUELL PUTSCH
* TISSUE THERAPIES EXTENDS SHARE PLAN
* SOLAGRAN TO HOST INFORMATION EVENING
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PEPLIN
Peplin has replaced chief executive officer Michael Aldridge with chairman Tom Wiggans, appointed Dr Eugene Bauer as chief medical officer and raised $US24 million.
GBS Venture Partners’ Dr Joshua Funder will join the board following the completion of the placement (see below).
Mr Wiggans takes up the position immediately and will continue as chairman. He told Biotech Daily that Peplin required different skills for its stage of development.
Peplin said Mr Wiggans was chairman and CEO of the US-based dermatology company Connetics Corp until it was acquired by Stiefel Laboratories for $730 million.
He oversaw four drugs from laboratory to US Food and Drug Administration registration as well as having five other drugs in development at the time of the takeover.
Mr Wiggans said Connetics acquired those compounds from the Melbourne based Soltec Research.
From 1994 to 2006, Mr Wiggans was Connetics’ CEO taking it from a start-up specialty pharmaceutical company to a dermatology company employing 400 people, with five marketed products and annual revenues approaching $200 million.
Mr Wiggans holds a Bachelor of Science in Pharmacy and a Masters of Business Administration.
He worked for the Geneva-based Ares-Serono Group for 12 years, including as president of its US pharmaceutical operations and managing director of its UK pharmaceutical operations.
Peplin said Mr Wiggans has been a leader in the US biotechnology industry and was instrumental in the creation of the Biotechnology Industry Organisation (BIO).
Peplin said Dr Eugene Bauer had been appointed president and chief medical officer.
Dr Bauer was most recently chief executive officer of Neosil Corp, which has entered into a merger agreement with Peplin.
Dr Brauer will be a member of the executive management team responsible for medical affairs, strategy and communications with key professional constituencies in the US.
Dr Bauer was a non-executive director and will continue as an executive director.
He is the former dean of the Stanford University School of Medicine and was a co-founder and director of Connetics.
Dr Hirst said significant progress had been made during CEO Michael Aldridge’s tenure from 2003, including milestones such as securing a special protocol assessment from the FDA to proceed with phase III clinical trials for PEP005 for actinic keratosis, opening manufacturing facilities in Southport, Queensland and incorporation in the US.
Peplin said it had arranged a private placement of common stock and warrants to raise $US24 million ($A27.7 million) primarily to fund phase III clinical development of PEP005.
Assuming completion of the placement and the Neosil acquisition, both subject to shareholder approval, Peplin’s pro-forma cash position for June 30, 2008 would be $US56.0 million, sufficient to fund the phase III PEP005 trial.
The placement consists of 4.0 million shares of unregistered common stock, equivalent to approximately 80 million CHESS Depositary Interests (CDIs), and warrants to purchase up to approximately 1.3 million shares of common stock.
The securities were sold as units consisting of three shares of common stock and a free four year warrant to purchase one share of common stock for $US18.14, equivalent to 35 Australian cents per CDI, less than a two percent discount to the five day volume weighted price of Peplin CDIs trading on ASX to August 15, 2008.
Other investors in the placement include shareholders MPM Capital New Enterprise Associates Inc, Asia Union Investments and Orbis Funds Management.
Peplin climbed half a cent or 1.2 percent to 42 cents.
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